Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Company Culture

There will be more empty parking spaces at the headquarters of Meta, formerly Facebook, in Menlo Park, California, as more layoffs are announced (Photo by JOSH EDELSON/AFP via Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

Full bio


Learn about our editorial policy

Mar 16, 2023

Facebook Makes Most Of Layoff Reality

Another round of layoffs is coming to Facebook parent Meta Platforms as CEO Mark Zuckerberg continues his “year of efficiency.”

Key Details

  • Just a few months after a mass layoff of around 11,000 workers, Meta has announced another 10,000 worker layoffs and will withdraw 5,000 open roles, The Hustle reports. 
  • The combined layoffs account for a 25% reduction of Meta’s overall workforce. 
  • In an announcement posted to Facebook, Zuckerberg shared that the company will be restructuring and focusing on “flattening (its) orgs, canceling lower priority projects, and reducing (its) hiring rates.”
  • This new round of layoffs will raise Meta’s annual revenue per employee to as much as $1.85 million, according to The Wall Street Journal.
  • While this projection depends on the social-media platform recovering some of its lost ad revenue, other tech companies are paying attention to the potential for greater earnings. 

Why it’s news

The tech layoffs just keep coming, and it is still only the beginning of 2023. Annual layoffs have reached 138,652 so far this year. 

Meta’s continuing layoffs represent some level of concern for other tech workers in the industry. Meta hired too quickly following the pandemic and is now trying to course correct. However, rising layoffs mean employees have fewer options and less negotiating power when job hunting. 

Tech companies looking for talent just a few years ago offered perks and bonuses to lure prospective employees. Fewer businesses are begging tech workers to come to them, The Hustle reports. 

Other Big Tech companies are closely watching Zuckerberg’s “year of efficiency” to see if it works. If Meta’s harsh layoffs successfully bring the company more revenue, other tech companies could follow suit.

When Meta’s hiring soared over the last year, the company’s annual revenue per employee dropped to the lowest level since 2014—about $1.35 million. The new expected annual revenue could reach as high as $1.85 million if Meta recovers some of its lost ad revenue. 

Growth is not for certain, though. Even if Meta sees no revenue growth this year, the layoffs will increase the company’s revenue per employee by about 16% more than its rates over the last five years.

Home / News / Facebook Makes Most Of Layoff Reality
Share
FacebookTweetEmailLinkedIn

Related Stories

61% Of Americans Are Living Paycheck-To-Paycheck 

by Tyler Hummel Leaders Staff
Markets

Sep 8, 2023

Nearly two-thirds of Americans are feeling pinched by inflation. 

Key Details

  • LendingClub’s newest research shows that 61% of adults lived paycheck-to-paycheck in July 2023, increasing from 59% in July 2022. 
  • Even with inflation decreasing from 8.5% to 3.2% in 12 months, consumers still struggle to get by.  
  • A portion of this is attributed to irresponsible spending, with 21% of survey respondents saying nonessential spending is responsible for their financial issues. 
  • Low-income consumers—making less than $50,000 per year—were among the hardest hit by tightening wallets, Fortune reports. 
  • Bankrate’s Annual Emergency Fund Report earlier this year found that 57% of Americans cannot afford a $1,000 emergency. 

Go deeper

FacebookTweetEmailLinkedIn

Google Cracks Down On A.I. Election Ads

by Tyler Hummel Leaders Staff
Tech

Sep 7, 2023

Political campaigns using artificial intelligence (AI) generated content must disclose this information in Google and YouTube content. 

Key Details

  • Google has revealed a new disclosure policy that will force election advertisers to label AI content distinctly from real content. 
  • As of mid-November, generative AI content must receive a label to make it clearly identifiable to avoid spreading election misinformation. 
  • Google’s digital ad business joins companies like Meta Platform’s Facebook and Instagram in cracking down on deep fakes and spreading misinformation. 

Go deeper

FacebookTweetEmailLinkedIn

Vivek Ramaswamy’s Anti-ESG Firm Is Worth $1 Billion 

by Tyler Hummel Leaders Staff
Environment

Sep 7, 2023

The third most popular GOP presidential candidate has built his name fighting “wokeness”—and that reputation is paying off for his asset management company. 

Key Details

  • Ohio-based Strive Asset Management is an anti-activism fund company that promises investors higher-quality returns and investments.  
  • It was partly founded by Peter Thiel and Bill Ackman to rival investors at environmental, social, and governance (ESG)-friendly firms. 
  • On Tuesday, the firm announced that its accumulated assets now exceed $1 billion, slightly more than a year after it launched in 2022. 
  • The company is also currently facing lawsuits from two former employees arguing that it mistreats staff and engages in securities violations.

Go deeper

FacebookTweetEmailLinkedIn
Investing

Sep 7, 2023

Bill Gates Makes a $96.6 Million Bud Light Bet

by Tyler Hummel Leaders Staff
Cryptocurrency

Sep 6, 2023

Cathie Wood Bets Bullish On Big Tech 

by Tyler Hummel Leaders Staff
Some U.S. companies are finding it easier to hire help, after a rough few years
Hiring

Sep 6, 2023

Promotions Can Increase the Number Of Employees Quitting 

by Tyler Hummel Leaders Staff

Recent Articles

Business

Sep 18, 2023

25 Recession-Proof Jobs That Keep People From Getting Laid Off at Work

Learn what the safest jobs are during an economic downturn

Leadership

Sep 14, 2023

Maladaptive Daydreaming Signs + 4 Ways to Manage Them

Maladaptive daydreaming involves daydreams that interfere with daily functioning

Hiring

Sep 13, 2023

40 Smart Questions to Ask at the End of an Interview to Get Hired

Impress hiring managers with these thoughtful questions

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2023 Leaders.com - All rights reserved.

Search Leaders.com